Spreadex Market Update

Spanish banks downgraded



News that the EU could rewrite Eurozone budgets in a bid to turn the Eurozone into a closer fiscal union has so far gone down well with investors as markets look to open higher this morning.

Moody's has downgraded 28 Spanish banks soverign risk, bringing concerns about bank liquidity to the table.

Cyprus has also requested a bailout following Spain yesterday.

Although markets are set to open higher this morning, after 3 days of negative trading, European sentiment is stopping any major rally from happening.

In Asia, China is considering further rate cuts in August, in a bid to further stimulate their economy.

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